Coforge Limited (COFORGE.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+117.8%

₹4,491.08

vs ₹2,061.90 price

Levered DCF

₹5,256.23

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

5.44

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	24×	61.19×	41×	34.19×	41.85×	39.18×	16.07×	20.6×
P/B	3.92×	7.85×	9.28×	7.7×	10.13×	7.38×	3×	4.01×
P/S	2.28×	4.16×	3.73×	2.96×	4.3×	3.9×	1.72×	2.26×
EV / EBITDA	13.28×	28.96×	23.16×	18.33×	24.79×	22.44×	9.08×	12.02×
Gross margin	18.9%	39.2%	39.3%	38.2%	36.4%	23.7%	28.1%	38.9%
Operating margin	14.4%	38.2%	38.3%	37.6%	35.6%	22.9%	26.9%	36.4%
Net margin	9.5%	6.7%	9.0%	8.7%	10.3%	9.8%	10.6%	11.0%
Current ratio	1.61×	1.71×	1.7×	1.5×	1.88×	2.49×	2.71×	3.12×
Debt / equity	0.08×	0.17×	0.2×	0.18×	0.18×	0.03×	0.06×	0.01×
Interest coverage	14.02×	49.78×	27.49×	37.35×	44.03×	209.27×	274.61×	234.72×
Dividend yield	0.0%	1.0%	1.4%	1.5%	1.1%	0.4%	2.0%	1.3%
Payout ratio	1.0%	61.3%	57.7%	50.9%	47.6%	15.1%	33.1%	26.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.3%	12.7%	22.3%	22.5%	24.2%	18.5%	18.5%	19.5%
Return on invested capital	17.7%	32.6%	57.9%	59.1%	49.5%	30.8%	32.7%	44.4%
Return on assets	10.5%	6.5%	13.2%	12.2%	13.4%	13.0%	12.9%	14.0%
Free cash flow yield	2.6%	1.2%	1.9%	3.3%	2.2%	3.8%	3.1%	4.6%
Earnings yield	4.2%	1.6%	2.4%	2.9%	2.4%	2.5%	6.2%	4.9%
Enterprise value	₹369.7B	₹502.8B	₹340.4B	₹237.2B	₹277.3B	₹174.8B	₹64.9B	₹78.2B
Net debt / EBITDA	-0.13×	0.11×	0.27×	-0.01×	0.04×	-0.92×	-0.96×	-0.76×
Cash conversion cycle (days)	47	36	29	33	47	54	-69	-72